An exchange can mean an order-book venue, a peer marketplace or an interface to external liquidity. We first establish which model is intended and who owns execution, balances and settlement. The resulting scope includes operational controls and exception handling, not only a trading screen.
Liquidity source
Distinguish owned order books from third-party execution.
Balance authority
Identify the ledger responsible for available funds.
Where it fits
Practical Use Cases
01
Exchange discovery
Turn a broad concept into an implementation scope.
02
Venue integrations
Present supported third-party execution clearly.
03
Operations planning
Model unresolved orders and settlement exceptions.